Inventory refers to items that are being stored temporarily because they are not ready to be moved elsewhere. Inventory Control focuses on the Regulation and Flow of raw materials, supplies, work in progress (WIP) and finished goods through a Value Stream.
Inventory Control is underpinned by:
1.) Ensuring ABC Classification.
- Items should be about 80% of total items in stock
- Items should be about 15% of total items in stock
- Items should be no more than about 5%
2.) Avoiding product spoilage.
3.) Ensuring theft of items
4.) Ensuring efficient Inventory Turns
An efficient, effective, and collaborative value stream is a lethal strategic weapon capable of pushing aside all competition. Walmart is a profound testament to this fact, as its value streams are slim, trim, flexible, agile, and formidable.
For more info check this: https://www.nextlevelpurchasing.com/procurement-training/courses/inventory-management-and-control
Building an advanced level of Shopify inventory management software for eCommerce retailers and wholesalers helps them in growing there eCommerce business.
Shopify inventory refers to the process of tracking orders, storage of raw materials, components, finished products, sold and unsold products and many more so you can focus on the other aspects of your business.
Shopify provides its inventory management solution to avoid costly errors, in staying organized and tracking all inventory activity which also ensures sales, support and account management via different features that include:
Why Shopify inventory tracking is important?
Below are several reasons why inventory tracking is important:
Prevents from selling expired product
